Opec's secretary general said he expected the group to lower its oil output target when it meets in late November, which would be its first formal output cut since the 2008 financial crisis.
Abdullah Al Badri was speaking afte
Russian Energy Minister Alexander Novak will meet the Organization of the Petroleum Exporting Countries (Opec) officials in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget.
Organisation of Petroleum Exporting Countries (Opec) member Kuwait has said there was no need to call an emergency meeting for the producers' group to discuss sliding oil prices after crude hit a 17-month low.
“We do not
Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America.
Brent crude nudged higher to stay above $98 a barrel on Thursday amid geopolitical concerns in the Middle East, although worries about ample supply and weak demand that dragged prices to 17-month lows in the previous session kept a lid on gains.
Top oil exporter Saudi Arabia told Opec it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom's preferred level of $100 a barrel.
Kuwait Opec Governor Nawal Al Fuzaia said that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level.
Brent crude oil prices fell to a 17-month low below $100 per barrel in volatile trade on Tuesday, a fourth straight daily decline as ample supplies weighed, while US crude rose on the expectation of dwindling fuel stockpiles.
Oil's slide below $100 a barrel adds to financial worries for the Organization of the Petroleum Exporting Countries (Opec) members, prompting some in the producer group to voice concern about too much oil in the market even if they see the